From Fortune · Steven John · · 2m
United CEO backs wealth tax despite $32 million pay
Scott Kirby says the wealthy should pay more in taxes, but his own compensation draws criticism.
In brief
Scott Kirby says the wealthy should pay more in taxes, but his own compensation draws criticism. United Airlines CEO Scott Kirby earned thirty two point three million dollars last year while calling for national wealth and inheritance taxes, framing the idea as fairness. Originally reported by Fortune.
CEO earns $32 million, backs wealth tax
Scott Kirby, CEO of United Airlines, took home about thirty two point three million dollars in total compensation last year. He says people like him should pay more in taxes.
Kirby calls inequality a societal danger
In an October interview with The New York Times, Kirby said wealth inequality has become a danger to our society and called for a national wealth tax plus inheritance taxes that get close to one…
“has become a danger to our society”
Kirby frames wealth tax as fairness
On CNBC's Squawk Box, Kirby doubled down on his position, saying a wealth tax is just about fairness. He explained that wealthy people can let money grow forever without realising income or paying tax.
“is just about fairness”
The tax gap Kirby wants to close
The federal system taxes income at a top rate of thirty seven percent for single filers' taxable income above six hundred twenty six thousand three hundred fifty dollars in twenty twenty five.
Critics say wealth tax kills growth
Mariana Trujillo of the Reason Foundation argues that taxing accumulated wealth discourages investment and entrepreneurship, the very forces that have made our lives better than those of our grandparents and great grandparents.
“the very forces that have made our lives better”
European wealth taxes failed, Trujillo warns
Trujillo notes that countries including France, Sweden, and Germany abandoned wealth taxes amid concerns about capital flight, administrative costs, and disappointing revenues. Norway, Spain, and Switzerland still levy net wealth taxes.
California voters reject billionaire tax
On November third, California voters rejected Proposition forty, a one time five percent tax on the net worth of state residents worth more than one billion dollars.
Proposition forty spending gap was vast
Opponents of California's Proposition forty spent about three hundred seventy eight million dollars against it, while the yes campaign raised thirty three point five million dollars.
The essence
United Airlines CEO Scott Kirby earned thirty two point three million dollars last year while calling for national wealth and inheritance taxes, framing the idea as fairness.
